Mutual of America Capital Management LLC Trims Stake in L3Harris Technologies Inc (NYSE:LHX)

Mutual of America Capital Management LLC reduced its position in L3Harris Technologies Inc (NYSE:LHX) by 3.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,868 shares of the company’s stock after selling 822 shares during the quarter. Mutual of America Capital Management LLC’s holdings in L3Harris Technologies were worth $4,577,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LHX. GAMMA Investing LLC increased its position in shares of L3Harris Technologies by 18,295.3% during the first quarter. GAMMA Investing LLC now owns 513,228 shares of the company’s stock worth $107,424,000 after acquiring an additional 510,438 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of L3Harris Technologies by 15.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,321,324 shares of the company’s stock worth $486,898,000 after acquiring an additional 311,886 shares during the period. Deutsche Bank AG increased its position in shares of L3Harris Technologies by 64.2% during the fourth quarter. Deutsche Bank AG now owns 740,400 shares of the company’s stock worth $155,691,000 after acquiring an additional 289,514 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of L3Harris Technologies during the fourth quarter worth approximately $53,011,000. Finally, Marshall Wace LLP increased its position in shares of L3Harris Technologies by 8,438.8% during the fourth quarter. Marshall Wace LLP now owns 249,162 shares of the company’s stock worth $52,394,000 after acquiring an additional 246,244 shares during the period. 84.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Edward J. Zoiss sold 2,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $245.00, for a total value of $490,000.00. Following the sale, the insider owned 25,325 shares in the company, valued at $6,204,625. This trade represents a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher E. Kubasik sold 72,000 shares of L3Harris Technologies stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $271.14, for a total transaction of $19,522,080.00. Following the completion of the sale, the chief executive officer owned 145,578 shares in the company, valued at approximately $39,472,018.92. This trade represents a 33.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 107,061 shares of company stock valued at $28,227,077 in the last ninety days. 0.72% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LHX. Sanford C. Bernstein reiterated an “outperform” rating on shares of L3Harris Technologies in a research note on Monday, July 14th. Truist Financial increased their price objective on shares of L3Harris Technologies from $279.00 to $302.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Citigroup raised their target price on shares of L3Harris Technologies from $300.00 to $323.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Barclays raised their target price on shares of L3Harris Technologies from $255.00 to $305.00 and gave the company an “overweight” rating in a research note on Tuesday, July 29th. Finally, Susquehanna raised their target price on shares of L3Harris Technologies from $300.00 to $320.00 and gave the company a “positive” rating in a research note on Friday, July 25th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, L3Harris Technologies currently has a consensus rating of “Moderate Buy” and an average price target of $279.47.

L3Harris Technologies Stock Down 1.5%

LHX opened at $269.69 on Friday. L3Harris Technologies Inc has a fifty-two week low of $193.09 and a fifty-two week high of $280.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.87 and a current ratio of 1.04. The company has a fifty day moving average of $258.25 and a two-hundred day moving average of $229.78. The stock has a market capitalization of $50.46 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 2.00 and a beta of 0.77.

L3Harris Technologies (NYSE:LHX) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.78 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.30. L3Harris Technologies had a net margin of 7.94% and a return on equity of 11.82%. The company had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.31 billion. During the same quarter in the previous year, the company earned $3.24 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, research analysts expect that L3Harris Technologies Inc will post 11.12 earnings per share for the current year.

L3Harris Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $4.80 dividend on an annualized basis and a yield of 1.8%. L3Harris Technologies’s payout ratio is presently 53.63%.

About L3Harris Technologies

L3Harris Technologies, Inc provides mission-critical solutions for government and commercial customers worldwide. The company's Integrated Mission Systems segment provides intelligence, surveillance, and reconnaissance (ISR) systems, passive sensing and targeting, electronic attack, autonomy, power and communications, and networks and sensors, as well as advanced combat systems for air, land, and sea sectors.